This letter will confirm the response of the Division of Corporation Finance to your request that the Division designate The Bahamas International Securities Exchange as a “designated offshore securities market” within the meaning of Rule 902(b) of Regulation S under the Securities Act of 1933. A copy of your letter is enclosed in order to avoid having to recite or summarize the facts set forth therein. On the basis of the facts presented, we hereby so designate The Bahamas International Securities Exchange.